The drop in value marked the share-holders deadline for eligibility for the company’s forthcoming stock-split.
Apple’s board of directors and the company’s shareholders agreed to a stock split at Apple’s annual general meeting in April. The split means anyone with an Apple share at close of business on May 19 - last Friday - will receive an additional share on June 21. All shares in the company will cost half ($47) of the May 19 price.
The split means that Apple will have more stock-collateral available for bonuses, director’s reimbursement, corporate purchases.
The jitters on Nasdaq continue however, following US interest rate hikes and fall of dot com shares. This revaluation of IT stocks has been predicted for some time. Nasdaq closed at 3,390.40, down $165.71 on the day.